Uniswap Price Attempts a Bounce as Major Wallets Accumulate

Uniswap is attempting a rebound as whales continue to accumulate. Uniswap price is currently at major Fibonacci levels. This was accompanied by large sales of UNI and USDC to trading platforms. At the same time, institutional-linked wallets saw a significant rise in their holdings.

Uniswap Price Stabilizes at the 0.382 Fibonacci Level After Sharp Two-Day Drop

Uniswap price charts show that the asset has made a turnaround. It has reached a local high in early November at approximately $10.31. The initial rally broke on November 9 when the price shot out of the $7 area.

The token then proceeded to higher levels in the $10 handle on increased volume. The move created a steep vertical action that was succeeded by high returns on November 10 and 11.

Buyers re-entered the asset at the retracement zone of 0.5 at $7.52 earlier on November 13. Price has since rebounded to the zone of $8.15. The price has also traced the same Fibonacci layer. This has been the line of resistance in the initial response.

Analysts believe traders have used these Fibonacci zones as structural support zones. They also see them acting as resistance zones in the current sequence.

As depicted in the chart, the initial consolidation of UNI occurred between November 7 and November 8. Uniswap price moved upwards at a constant rate during that period.

Whale Deposits Increase Bullish Pressure on Uniswap Price

Huge wallets have been accumulating UNI in recent days, potentially adding bullish pressure to the token. On-chain data shows that Machi Big Brother used 709,142 USDC to go long ETH and UNI.

His holdings are reported to be 25,002 UNI, approximately worth $201,000, and 1,750.7 ETH, approximately worth $6.2 million. The accumulation pattern has been observed on the whale over the past few weeks.

His most recent move aligns with UNI’s strategy, as it moves to the 0.5 retracement level. This gives the implication that the market will experience increased interest when the price is discounted.

Cumulation has also been seen between wallets from institutions. More data shows a wallet tied to Monetalis earned 1.92 million UNI worth $14.95 million. The participants included B2C2 Group, Wintermute, and Flow Traders.

This can be concluded that several large liquidity providers were involved. This latest issue brings the holdings of Monetalis to 5.84 million UNI, which is valued at $44.96 million. These purchases overlap with the period of consolidation of the 0.382-0.5 Fibonacci ranges of UNI.

This coincidence justifies the trend of buying during retracement periods. On-chain data reveals that transaction volume ranged from 2.2 million to 3.5 million.

This fluctuation occurred between early September and the end of October. The highest point of the network was the rise of the number of transactions of approximately 4.3 million at the start of October.

The new transactional level of 2.6 to 3.2 million shows a calm environment. This is a decline in the October levels, but a sign that there is constant traffic in the entire product range of the platform.

The slight increase until November is likely to increase market engagement. However, the figure remains low compared to the earlier spike.